In February 2013 Lake Victoria Gold Ltd (LVG) and Tanzoz Minerals Ltd (TML) signed an agreement with General Exploration Ltd (GEL) to acquire PL6294 ‘Imwelo’. PL6294 had some 20,000m of drilling previously completed including some significant gold intersections.
In 2013 and 2014 LVG undertook grab sampling across the property, geological mapping, a targeting pitting program, Ground magnetic survey, Induced Polarisation (IP) survey and 3 drilling programs including both Diamond Core and Reverse Circulation drilling.
In 2015 a Mining Licence was granted to TML following the issuance of the Environment Licences required to undertake Mining Operations. An independent Resource Estimate and Geological report was also undertaking and classified a Resource of 200,000 oz. for the drilling undertaken to date. Approximately 50% of this was to Measured and Indicated category. A subsequent independent feasibility study was undertaken and classified an economic open cut Reserve of 44,000 oz. at 2.9g/t, for the 2 ore zones (of the 10 available) explored in detail to date. The Pre-feasibility study was based on a small scale gold mine and processing facility operating at a rate of 15,500 oz. per year.
In 2016 a further drilling program was conducted to increase the Resource size and also increase the annual production target rate to 30,000 oz. pa. It is expected that Imwelo can sustain an Open Cut mine life of at least 7 years and an underground mine life of a further 8 years.
An agreement has been reached to acquire an adjacent PML2637 and a Mining Licence ML419 located within PL6294 is also under an agreement to acquire. ML519 has a 3m diameter concrete lined shaft down to a depth of 110m which will give immediate access to underground ore.